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July 18, 2019 City Council Regular Meeting
Title
53. Motion to Approve Purchase of Real Property Located at 2155 West Gwinnett Street (PIN: 2-0598-01-001).
Strategic Priority
Good Government
Description

The property located at 2155 West Gwinnett Street is located at the southeast corner of Interchange Court and West Gwinnett Street, directly adjacent to the planned Interchange Court Public Works complex. The property contains a total of 14.19 acres. It has been improved with a one-story shell warehouse building containing 14,400 square feet of space. The facility is only partially completed.  

The property is located at the entry to the planned new public works facility and offers the opportunity to create a gateway to the project.  The facility is planned for use by for the Savannah Fire Department Quartermaster relocating from the former Henry Street fire station (being sold) and for municipal archives relocating out of the Gamble Building (being sold).

The City and the owner procured appraisals from well-qualified, MAI-certified appraisers and the negotiated purchase price was established between the appraised values at $1,400,000. If approved, the City and Seller would enter into a Purchase and Sale Agreement allowing for a 120-day due diligence period to perform all standard due diligence, to include environmental testing.

Further recommend approval for City Manager to executed deed and associated closing documents.

 

Recommendation

Approval

Contact
David Keating, Director of Real Estate Services
Financial Impact
Approximately $1,400,000 plus closing costs.
Review Comments
Agenda Plus